Not quite into financial works, need help in fixed deposit calculation.

If I have RM5000 in my hand and thinking to apply for a fix deposit scheme with rates of 3.10% for one month tenure, renewable for every month.

After 2 years without decrease nor increase of interest rates, would the balance reaches RM5308 or RM10562.69 (figures calculated in different ways)? Or neither the answers stated and how should I calculate them?

I know extremely little in this fixed deposit matter and to someone who has not any experience managing FD (and do not plan to depend to unit trusts and other invesment methods), how should you introduce the rules, pro and cons of Fixed Deposit?

Thanks loads